Miami’s “Billionaire Bunker” is Indian Creek Island.

Jeff Bezos, Tom Brady, Julio Iglesias, Carl Icahn, Ivanka Trump, Jay Z and Beyoncé have something in common. They all live on a 300 acre man-made island in Biscayne Bay just across Surfside and south of Bal Harbour.

Indian Creek was officially incorporated as a village in 1939. It is known for its exclusivity and high-end real estate. Each home is built around the perimeter of the island to ensure that all residents have a waterfront view of Biscayne Bay. In the middle sits the Indian Creek Country Club, the ‘ultra-exclusive private membership’ Indian Creek Country Club with an 18-hole golf course.

The island is ocuppied by some 85 residents. It is monitored by its own private 13-person police force and a 24-hour marine patrol.

In October, J. Bezos bought a waterfront seven-bedroom mansion for $79 million which adjoins his other mansion bought earlier this summer for $68 million.

Image Credit: The Pinnacle List

Why Should You Buy Real Estate in South Florida?

South Florida, which includes cities like Miami, Fort Lauderdale, and West Palm Beach, offers several unique benefits for buying real estate. Here are some of the advantages of relocating to South Florida:

  • Year-Round Warm Climate: South Florida enjoys a tropical climate with warm temperatures throughout the year, making it an attractive destination for residents and visitors.
  • Beach Access: The region is renowned for its beautiful beaches along the Atlantic Ocean and Gulf of Mexico, making waterfront and beachfront properties highly sought after. Some of Miami’s most popular beaches are South Beach, Bal Harbour Beach, Haulover Beach, Virginia Key Beach Park, Sunny Isles Beach and many others.
  • Cultural Diversity: South Florida is known for its cultural diversity, with a large population of residents from various ethnic backgrounds. This diversity brings a vibrant and eclectic atmosphere, offering a wide range of cultural experiences. Like Los Angeles, or New York, Miami is known as one of U.S.’ most international cities.
  • Strong Job Market: The area has a robust job market, with opportunities in various industries, including finance, healthcare, technology, and tourism.
  • Tourism: South Florida is a major tourist hub, attracting millions of visitors each year. This creates opportunities for rental income and property appreciation in popular tourist destinations like Miami Beach. Greater Miami and Miami Beach welcomed more than 26.5 million visitors in 2022.
  • No State Income Tax: Florida’s lack of state income tax is a significant financial benefit for residents.
  • Booming Real Estate Market: The real estate market in South Florida has historically been strong, with potential for property appreciation over time.
  • Art and Entertainment: South Florida is home to an array of cultural and entertainment venues, including art galleries, theaters, music festivals, and sporting events. Some of the most prominent events in Miami include Art Basel Miami Beach, Ultra Music Festival, Miami International Boat Show, Miami Art Week, Miami Open and many others.
  • Diverse Real Estate Options: Whether you’re looking for luxury condos in Miami, suburban homes in Fort Lauderdale, or beachfront properties in Palm Beach, South Florida offers diverse real estate options to meet different investment preferences.
  • Waterfront Living: South Florida provides ample opportunities for waterfront living, whether along the ocean, Intracoastal Waterway, or the many canals and lakes in the area.
  • International Appeal: South Florida attracts international investors and buyers, which can boost the demand for properties.
  • Education and Healthcare: The region is home to respected educational institutions and world-class healthcare facilities. Most prestigious educational institutions include University of Miami, Florida International University, Carrollton School of the Sacred Heart and others.
  • Cruise Ports and Airports: Miami and Fort Lauderdale are major cruise ports and have international airports, which can be convenient for both residents and tourists. In 2023, Port Canaveral, FL surpassed Miami as world’s busiest cruise port.
  • Sports and Outdoor Activities: South Florida offers a wide range of outdoor activities, from water sports to golf, and is home to professional sports teams such as Miami Dolphins, Miami Heat, Miami Marlins, Inter Miami CF and many others.
  • Tropical Lifestyle: The tropical lifestyle and vibrant nightlife make South Florida an attractive destination for those seeking an active and exciting way of life.

Photo credit: Miami Beach Official

Market Update: Miami’s Luxury Rental Market Slowing Down

The luxury real estate market in Miami is seeing a significant slowdown. Quick rise in new Miami residents has slowed down, more apartments have been built, and fewer people are willing to overpay.

  • So far in 2023, the median monthly rent for a luxury three-bedroom house in Miami-Dade County is $8,500, down 15% from $10,000 last year according to Analytics.Miami.

  • In September, the median monthly rent for a Miami one-bedroom apartment declined 1.47% to $2,690 from the month before, and 1.96% to $2,500 in Miami Beach according to Zumper.

  • The median rent for a one-bedroom nationwide, meanwhile, increased 0.1% to $1,511 during the same period.

Source: FloridaRealtors, October 19, 2023 I © Copyright 2023 INFORMATION INC., Bethesda, MD (301) 215-4688